Worldco, Santa Monica..Bait and Switch

Discussion in 'Prop Firms' started by rossmedia, Jun 21, 2003.

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  1. I was hired 8 months ago as a prop trader at the Santa Monica office. I was told explicitly there would be absolutely no money down. I took the 7 and 55..passed the first time. Got ready to go to work and was asked for $3,000 or I wouldn't trade. Worldco Santa Monica and the guy who runs the office is a fraud. No matter what they tell you in the for your life and the life of your money if they want to hire you.

    I had a couple of options. I am now working for another firm here in LA. Is it worth anything? Here's the proof.

    1. The owner discourages you from churning and only wants you to trade when the odds of you making money are extremely high. He understands that many times no trade is a good trade.

    2. We are paid monthly. I got a good check 10 days after my first trade. Yes.. in 10 days I had a check.

    3. The owner takes as much time as needed to teach you the needed techniques to pull money out the market daily.

    4. We have classes daily. Classes that actually result in you making money in the market the next day.

    Anyone considering Worldco....please reconsider.

  2. Sounds like a great firm you are at now. That ought to be the model for all prop firms.

    P L J
  3. nitro



    I do not know much about Worldco, but the place is beginning to smell to me from the VARIOUS posts about it here.

    I have been following threads on it elsewhere, and it seems to be office specific. I wonder if the top management at Worldco is aware of the different styles of management at different offices around the country?

  4. Nitro, you may be correct. I have no experience with any other Worldco office except for the Santa Monica one.

  5. Over the past year, I have run into a few situation that have proved this point.

    Traders who want big payouts, low rates and no money up are generally not worth it. Now that is not to say all will not work out, but why not put up some "Good Faith Deposit" and let your trading do the talking.

    It comes down to a risk/reward issue, and this market has shook out all the average traders to leave the skillful traders to battle each other. This makes it more competitive.

    Out of 7 traders that we have worked with with no cash up. One has made money over the past 6 months. That is good data to work from.

    Traders that have nothing on the line become the typical gambler, they get down and take bigger risk to make it back to even. I would say that 90 percent of all traders are wired that way and thus 10% of traders make the 100% of profits in the micro trader pool.

    It does not make much sense not to put up a small amount as a deposit and take a big payout.....unless you have no money (blow-out) and/or not planning on making money......B
  6. Mr. Bling Bling you are only partially correct. Somehow firms have duped the trading masses to think that, unlike any other job, you need to put your capital on the line before they will put theirs. If you are hired by a company and they are paying you 100k yearly why shouldn’t they require you to put up a percentage when you walk in the door? You could screw up the department, lose money, and cost them more than 100k to fix, fire you, and headhunt someone to take your place. Sound ridiculous?, it is sir.

    Likewise, when you complete due diligence and hire the right trader then deposits aren’t needed. When a firm spends time on the psychological, skill, aptitude and attitude analysis your chances of hiring the correct trader increases substantially. If you think I can add to the probability of your company succeeding I’m not paying you to hire me.

    As I said in my first post. The firm I’m trading for is excellent at weeding out before you sit down, that leaves the firm with very few regrets. And by the way my payout is 95%. In other words if I make $100 on 100 shares my check is $94.10 after all deductions. If you can trade you should’nt have to pay somebody to prove it, period.
  7. BigMike


    If you won't put up a lousy $3G, I wouldn't take a chance on you either. Look at it this way, if you go to a bank or VC for a loan to buy a business, the bank wants to know what percentage of your net worth your are going to put down before they add to it - it is a gauge of your level of commitment and belief in your ability.

    If you want a handout, apply for welfare. $3G is nothing. Those who can, do,... those who can't, look for the best deal before they blow up.

    That is all.

    Big Mike
  8. proptr8r


    It's kind of a joke that new traders expect that they should be able to walk into an office with no money/no experience and be handed the opportunity to trade someone else's money, using their equipment, and their office.

    The reality is that you can do that, but it won't last.
  9. You say bad things about a company and you even name. Why you do not name the company that is paying you? What is the amount of the check you are getting? For how long are you going to get checks?
  10. bitching about 3k deposit?? get real man!!!!!
    #10     Jun 22, 2003
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